India’s only listed gaming company just closed its best financial year ever — and the numbers are hard to ignore. Nazara Technologies has reported a record-breaking FY26, signaling that Indian gaming isn’t just growing, it’s maturing into a serious global business.
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Nazara Technologies: FY26 Financial Snapshot
| Metric | FY26 Performance |
|---|---|
| Total Revenue | INR 1,829 Cr (+13% YoY) |
| EBITDA | INR 255 Cr (+66% YoY) |
| Q4FY26 EBITDA Margin | 19.5% (up ~970 bps YoY) |
| Pre-Tax OCF | INR 213 Cr (+81% YoY) |
| EBITDA-to-OCF Conversion | 84% |
| Gaming Share of EBITDA | 90% (up from 56% in FY25) |
What’s Driving the Growth?
The headline story is Nazara’s sharp refocus on its core gaming business. Gaming’s contribution to EBITDA jumped from 56% in FY25 to a dominant 90% in FY26 — a clear signal that the company is trimming the fat and doubling down on what works.
The de-consolidation of Nodwin from August 2025 did pull Q4 reported revenues down 24% year-on-year, but adjusted for that, revenues actually grew 8% — a healthier picture of the underlying business.
CEO Nitish Mittersain summed it up well: “Nazara today operates at a materially different scale than it did 12 months ago. Operating leverage is real, and it is compounding.”
A Much Bigger IP Portfolio
Nazara’s acquisition of Bluetile and BestPlay — its largest M&A deal to date — adds 17 casual mobile IPs and 22 million monthly active users to the platform, with revenue and EBITDA contributions expected to kick in significantly during FY27.
Existing IPs are also punching harder:
- Kiddopia posted subscriber growth for the second straight quarter
- Animal Jam expanded margins and launched on Roblox
- Fusebox scaled its narrative engine across multiple reality-TV IPs
- Human Fall Flat crossed a remarkable 58 million lifetime units globally — a genuinely impressive milestone for any PC/console title
The COE Playbook: Nazara’s Secret Weapon
What ties all of this together is Nazara’s Centres of Excellence (COE) model — shared platform capabilities across User Acquisition, Data Analytics, AI, Growth, and Product that plug into every game IP the company owns or acquires. It’s the kind of infrastructure that turns a portfolio of games into a compounding platform.
This positions Nazara uniquely in the global video game industry — not just as an Indian publisher, but as a diversified gaming platform spanning mobile, PC, console, and offline entertainment across India, North America, and Europe.
Two new board appointments also strengthen Nazara’s strategic depth: Mithun Sacheti (Founder, CaratLane) brings consumer brand-building expertise, while Muraarie Rajan adds 35+ years of global M&A experience.
Want to track Nazara’s journey and India’s booming gaming economy? Read our coverage of Nazara Technologies’ latest deals and investments on TechnoSports, our analysis of India’s top gaming companies in 2026, and the biggest trends shaping Indian gaming this year.
FAQs
Q: What was Nazara Technologies’ EBITDA in FY26 and how much did it grow?
A: Nazara reported its highest-ever EBITDA of INR 255 crores in FY26, representing a 66% year-on-year growth over the previous fiscal year.
Q: What are Nazara’s biggest gaming IPs contributing to its FY26 growth?
A: Key performers include Human Fall Flat (58M+ lifetime units), Kiddopia, Animal Jam, and Fusebox, alongside the newly acquired Bluetile and BestPlay IPs.
